I’m sure you all have read or heard about our Motion filed in the Southern District Federal Court for the appointment of an “Independent Trustee” to take possession of Singing River Health System’s failed Retirement Plan.
If the Court supports the motion, the current Trustees will be replaced by a Trustee who then manages the Plan, acting in the interest of Plan members.
In our Motion, we detail how current Retirement Trust Trustees breached their “duty of loyalty” to the Plan and its members by not funding the retirement Plan and not acting solely in the interest of the members and beneficiaries. The Motion also details the “conflict of interest” created by the appointment of SRHS’s Board of Trustees and chief executives to also serve as the Retirement Trust Trustees.
It is clear that members of Singing River’s Board also serving as Retirement Trustees results in a gross conflict of interest.
We believe the appointment of a “Independent Trustee” is the only way to produce an acceptable resolution and restore confidence in the System. At the end of the day, we’re pursuing all legal options and feel the best approach is the removal of current Trustees.
Jim Reeves is a practicing local attorney with an office in east Biloxi and co-host of a popular local TV show on WLOX called LawCall airing Saturday nights. He has posted several legal tips for Singing River employees and family members on the firm’s blog at http://www.rmlawcall.com/blog.
If you, or a family member, are in need of legal information or assistance, call Reeves & Mestayer, PLLC at 228-374-5151 or toll free 1-855-558-2977.